Asian Pay Television Trust raises $1.1 billion from IPO

The Macquarie-sponsored business trust prices at a 2014 yield of 8.5% and allocates the great majority of the deal to cornerstones, anchors and long-only accounts in anticipation of a scale-back in favour of MIIF shareholders.

Asian Pay Television Trust APTT has raised S$1.35 billion $1.1 billion from its initial public offering in Singapore after attracting solid demand and fixing the price above the mid-point of the range, at S$0.97.

APTT will have a single asset at the time of listing cable-TV company Taiwan Broadband Communications, which it is acquiring from two Macquarie funds and will be the first Singapore business trust to be backed by media assets.